Reported Income HELOC Loans: What You Need to Know

One of the biggest benefits of owning a home is the ability to get an approved HELOC loan using the equity in your home. Borrowers who are interested in applying for these loans should know that there are many options available. One particular option that is popular with borrowers is a reported income HELOC.

Stated HELOC loans are very popular because they allow borrowers to indicate their income on the loan application. Outsourced or self-employed individuals often have difficulty proving their income level. These established loans provide you with an easy way to get a loan application approved without proving your income level.

Anyone who is interested in getting an established loan should realize that they are riskier for lenders to approve. Because you don’t have to prove all your documentation, many lenders are very hesitant to offer these loans. The higher risk means lenders will charge you more for your undocumented application. The higher interest rates are designed to offset the higher risk.

People who are interested in getting the right loan should start their search online. Doing a thorough search of the different lenders that are available is a good place to get approved for your right loan. Since many lenders don’t offer these loans, you’ll have to shop around and find one that does. These loans are perfect for people looking for a way to get approved for a loan without going through the hassle of traditional loan applications.